Basin Street, Friedman's form joint venture for new Petaluma Riverfront development

| March 5, 2009

The proposed development will include about 35,000 square feet of commercial space, 52 apartment units, 26 live-work units, 100 townhomes and 175 single-family homes in addition to 80,000 square feet in retail space to be occupied by Friedman's with a 15,000-square-foot garden center and a full-service drive-through lumberyard.

"This project has many short- and long-term benefits to Petaluma and will fill a void in the marketplace," said Friedman's Home Improvement owner Bill Friedman. "With the imminent closing of Home Depot/Yardbirds ? there is no major home improvement store or lumberyard that is convenient for the community."

The development is expected to generate about 130 full- and part-time jobs, additional retail sales tax revenues for the city of Petaluma and more than $1 million in purchase proceeds from the sale of an adjacent land parcel owned by the city.